Due to the increase in the amount of time spent at home, more and more people have decided to undertake home renovation projects. One of the most common rooms to be renovated in any home is the kitchen which can be attributed to the high ROI of a kitchen remodel. Renovating your kitchen is a great way to increase your selling price if you plan to sell. If you don’t plan on selling your home, a kitchen renovation is a great way to make your home feel more welcoming and personal for as long as you live there.
One of the most common worries amongst people who want to remodel their kitchen is a lack of financing. Don’t worry because Granite Pro can provide you with the top tips for financing a kitchen renovation. Learn how you can finance a kitchen renovation by calling 410.870.8546.
Kitchen Renovation Costs
Having a good idea of what the entire project will cost you is the first step in securing financing. To come up with your own estimate, you need to consider two things: materials and labor. After you know what you want to do to your kitchen, you can call around and get a rough estimate on what the material cost is going to be.
To figure out the labor cost, you need to ask yourself are you going to be doing the project, or are you going to have somebody else do it? If you are the one doing all of the work, then the labor cost should be next to none – if you plan on hiring the professionals at GranitePro, you can call them at 410.870.8546 for a free estimate on their labor. Now that you have a rough estimate of the cost of labor and materials, you can start seeking financing for the following services:
Tips for Financing A Kitchen Renovation
Just as a note, you should always seek more financing than your original estimate, just as a cushion for any unseen expenses that might come up along the way. With your project cost in mind, it’s time to decide which financing method is suitable for you. Some of the most common forms of financing a kitchen renovation are as follows:
- Personal loans
- Mortgage refinancing
- Home equity loans
Personal loans are fast and easy to secure through several banks, credit unions, and online lenders. This type of loan is typically unsecured, which means you will face higher interest rates than those found with other forms of financing. At the end of the day, though, the amount you are approved for and the interest rate will depend entirely on your credit history and income.
Refinancing a mortgage is a great way to secure the financing you need for your new kitchen. This is when a bank offers you a new loan against your home, allowing you to keep the difference between the new appraisal amount and the original purchase price. This is otherwise known as a cash-out refinance and is a great way to finance a kitchen renovation.
Credit cards are an excellent choice for those minor renovations. This type of financing usually has a higher interest rate than other methods, so we only recommend it for minor updates and not full-scale remodels.
Home Equity Loan
The amount of a home equity loan is based on the value of your home, which is put up as collateral in the process of financing a kitchen renovation. Interest rates on this type of loan are fixed, meaning you pay the same monthly payment for the entirety of the loan.
Learn More About Kitchen Renovations in Maryland at Granite Pro
If you want a new kitchen renovation but don’t have the time to do it yourself, you can count on the professionals at Granite Pro to get the job done for you. Contact us today at 410.870.8546, or contact us online to schedule your free in-home or virtual estimate.